Several major UK banks have agreed to scrap dividend payments during the coronavirus crisis after pressure from the Prudential Regulation Authority (PRA).
Banks including Lloyds, Santander, RBS and Barclays released a series of statements to the stock exchange on Tuesday evening (31 March) confirming dividends would be cancelled for 2019 and they would not set aside money for investor payouts this year. Share buybacks were also ruled out. The PRA said it welcomed decisions that came after pressure from the regulator. Earlier on Tuesday, it released a letter from deputy governor of the Bank of England Sam Woods saying that it what was expected from major lenders. Pressure builds for banks to scrap £7.5bn of dividends A PRA statement s...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
